Eli Lilly and Company (NYSE:LLY) Shares Gap Up – Time to Buy?

Eli Lilly and Company (NYSE:LLY)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $755.00, but opened at $785.20. Eli Lilly and Company shares last traded at $783.67, with a volume of 996,379 shares.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on LLY. Barclays cut their price target on shares of Eli Lilly and Company from $1,025.00 to $975.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Wolfe Research began coverage on shares of Eli Lilly and Company in a report on Friday, November 15th. They set an “outperform” rating and a $1,000.00 price target on the stock. Bank of America cut their price target on shares of Eli Lilly and Company from $1,150.00 to $1,100.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Morgan Stanley reiterated an “overweight” rating and set a $1,106.00 price target on shares of Eli Lilly and Company in a report on Tuesday, August 27th. Finally, Redburn Atlantic upgraded shares of Eli Lilly and Company to a “hold” rating in a report on Monday, November 4th. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,007.94.

Eli Lilly and Company Trading Down 0.1 %

The company has a quick ratio of 0.97, a current ratio of 1.27 and a debt-to-equity ratio of 2.03. The firm’s 50-day moving average price is $856.96 and its 200 day moving average price is $869.83. The company has a market capitalization of $748.40 billion, a P/E ratio of 85.23, a P/E/G ratio of 2.86 and a beta of 0.43.

Eli Lilly and Company (NYSE:LLY) last posted its earnings results on Wednesday, October 30th. The company reported $1.18 EPS for the quarter, missing the consensus estimate of $1.52 by ($0.34). The business had revenue of $11.44 billion for the quarter, compared to the consensus estimate of $12.09 billion. Eli Lilly and Company had a return on equity of 71.08% and a net margin of 20.48%. The company’s revenue was up 20.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.10 earnings per share. As a group, equities research analysts predict that Eli Lilly and Company will post 13.2 earnings per share for the current year.

Eli Lilly and Company Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 0.66%. The ex-dividend date of this dividend is Friday, November 15th. Eli Lilly and Company’s payout ratio is presently 56.22%.

Insider Transactions at Eli Lilly and Company

In related news, CAO Donald A. Zakrowski sold 900 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $803.38, for a total transaction of $723,042.00. Following the transaction, the chief accounting officer now directly owns 5,480 shares in the company, valued at approximately $4,402,522.40. The trade was a 14.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.13% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new position in Eli Lilly and Company during the first quarter worth about $2,138,000. Chesley Taft & Associates LLC boosted its stake in Eli Lilly and Company by 5.4% in the second quarter. Chesley Taft & Associates LLC now owns 22,553 shares of the company’s stock valued at $20,419,000 after acquiring an additional 1,163 shares during the last quarter. OMNI 360 Wealth Inc. purchased a new position in Eli Lilly and Company in the second quarter valued at about $239,000. Long Run Wealth Advisors LLC purchased a new position in Eli Lilly and Company in the second quarter valued at about $209,000. Finally, Essex Financial Services Inc. boosted its stake in Eli Lilly and Company by 5.8% in the second quarter. Essex Financial Services Inc. now owns 28,183 shares of the company’s stock valued at $25,517,000 after acquiring an additional 1,556 shares during the last quarter. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

About Eli Lilly and Company

Eli Lilly and Company discovers, develops, and markets human pharmaceuticals worldwide. The company offers Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, and Humulin U-500 for diabetes; Jardiance, Mounjaro, and Trulicity for type 2 diabetes; and Zepbound for obesity.